And it is more simple, safe and convenient take care about backups only. Just fewer physical things to take care about. Which increases safety, security and convenience.
As long as you regularly check it and make sure your backup is not damaged in any way. Honestly, I don't think you need to buy an HW either for this purpose (your post mentioned HW for key generation). As others have mentioned, a secure air-gapped device should be enough for this. Even a phone or something similar is okay as long as you can guarantee it is safe from malware etc before you use it to generate a new address.